Gold surged to another record peak amid escalating trade war

Despite Trump's 90-days breather on his reciprocal tariffs levied on USA's major trading partners and a brief exemption of China based tech products, Gold rises unabated throughout the early Asian session on Wednesday to accomplish a new record peak of $3290, inching closer to $3300 psychological mark. President Trump's sudden tariff changes have shaken investors' confidence in U.S. policies and the economy.
Adding to the pressure, growing bets that Fed might resume its rate cutting cycle in 2025 pushed the U.S. Dollar to its lowest level since April 2022 last week which lent support to the yellow metal.
Investors now look forward to Fed Chair Jerome Powell’s remarks for further insight into the interest rate outlook, a key driver for U.S. Dollar movements. Furthermore, trade related developments are expected to offer fresh momentum to the XAU/USD pair, which seems poised extend its upward trajectory.
XAU/USD TECHNICAL OUTLOOK
Technical Structure: On the daily chart, Gold has broken out of a Narrow Range (NR) candle pattern, supported by a strong bullish candle formation on the 4-hour chart. On the 1-hour timeframe, price action shows consolidation, indicating a potential for further upside.
Intraday Strategy:
The trend remains bullish. Traders may consider buying on dips towards support levels or on breakouts above immediate resistance.
Weekly Trend:
Ultra bullish momentum continues, signaling strength in the broader trend.
Key Levels:
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Major Resistance: 3295, 3300 , further resistance is undefined.
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Major Support: 3267, 3256, 3245
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